UPDATE: Johnson issued a statement this morning calling the deal "by no means a perfect piece of legislation" and said the revenue raised would cover about 7 percent of projected deficits.

"It is now time for President Obama and his Democrat
colleagues to show the American public their plan to close the other 93%
of the deficit," Johnson said. "Our nation's debt now stands at $16.4 trillion, and has reached its
statutory limit. We blew through the $2.1 trillion increase in the debt
ceiling granted in August 2011 in only 17 months. This is clearly
unsustainable, and President Obama must begin to work with Congress to
reduce the size, scope, and cost of government."